The US authority said: “Disclosures stated that Credit Suisse was individually assessing assets based on each client’s intentions and objectives.  But Credit Suisse at times instead took an undisclosed results-driven approach to determining NNA in order to meet certain targets established by senior management.”

A former executive has also agreed to settle charges that he was a cause of the Swiss bank’s violations; Rolf Bögli, who was chief operating officer of private banking, “pressured employees to classify certain high net worth and UHNW client assets as NNA despite concerns raised by employees most knowledgeable about a particular client’s intent,” the SEC said.

Credit Suisse said the following in a comment sent to this publication: ““Credit Suisse has agreed to a USD 90 million settlement with the SEC relating to the bank’s disclosure of its Net New Assets recognition practices. We cooperated with the SEC’s inquiry and have undertaken appropriate internal remedial efforts. It is important to note that there are no allegations of intentional misconduct or that NNA numbers were incorrectly reported. Credit Suisse clients were not harmed.”